US Mortgage Rates Move Higher for the Fifth Consecutive Week
Mortgage Rates Increase for the Fifth Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, October 31st.
The 30-year fixed-rate mortgage averaged 6.72%, up from last week when it averaged 6.54%. A year ago at this time, the 30-year rate averaged 7.76%.
The 15-year fixed-rate mortgage averaged 5.99%, up from last week when it averaged 5.71%. A year ago at this time, the 15-year rate averaged 7.03%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August. With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and we do not expect them to reach the highs that we saw earlier this year.”
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